Jeju-do Accelerates Construction Sector Budget Execution in First Half...Expectations for Economic Revitalization

[Asia Economy Honam Reporting Headquarters (Jeju) Reporter Park Chang-won] Jeju Special Self-Governing Province announced on the 15th that it plans to proactively and preemptively promote fiscal execution in the construction sector this year to overcome COVID-19 and revitalize the local economy.

The goal is 90% rapid ordering and 65% fiscal execution in the first half of the year.

Given the characteristics of the local economy, public sector fiscal execution is an important factor driving the normalization of the virtuous economic cycle structure, so the province judges that rapid ordering and rapid execution in the construction sector for local economic revitalization is more important than ever.

Among the construction project budgets such as facility expenses allocated in this year's budget, for projects over 100 million KRW (current year budget + carryover budget), totaling 1,363 projects and 1.9758 trillion KRW, the province plans to focus administrative efforts to ensure that more than 1.2842 trillion KRW can be executed early within the first half of the year.

This plan corresponds to 72.5% of the total rapid execution target amount of 1.7715 trillion KRW, showing that proactive response in the construction sector holds a significant proportion.

Lee Chang-min, Director of the Provincial Urban Construction Bureau, said, “To improve the execution rate, the Urban Construction Bureau will check the execution performance of each project department monthly, and through collaboration among project departments, all departments will jointly respond to revitalize the sluggish local construction market.”

Meanwhile, the province plans to apply department BSC (Integrated Performance Management System) bonus points, incentives for excellent execution departments, and penalties for underperforming departments by evaluating the achievement rate of the first half-year goal.

This content was produced with the assistance of AI translation services.